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SOVA2 [1]
3 years ago
14

8. Joe Davola planned to begin saving for his retirement starting next month. Joe’s plan was to invest $450 per month, starting

at the end of next month, for the next 25 years. Because of some unexpected circumstances, Joe will not be able to begin funding his retirement for 12 months. If Joe wants to end up with the same amount of total savings in 25 years, how much would Joe have to save per month over the 24-year period? Assume that Joe will be able to earn 6% annually on his investment. A. $23,345.18 B. $81.06 C. $36.41 D. $486.41
Business
1 answer:
gayaneshka [121]3 years ago
4 0
B.81.06 because joe began saving listen to began saving
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In this question interest is payable semi-annually, therefore The amount of interest that occurs on December 31, 2017 is $15000 (For the last six months - July 1st till Dec 31st; $30000×6÷12).

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